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OPEC+ ministers said they would keep accelerating the clearing of the oil surplus left by the pandemic, and Saudi Arabia added an extra cut of 1 million barrels per day for February and March. The group is withholding about 7 million barrels per day, roughly 7% of global supply, and will discuss the next steps at a March ministerial meeting.
Continued supply restraint from OPEC+ supports crude prices and raises energy costs for feed producers. The outcome of the March meeting will determine whether this tightening persists.
worldoil.comGrant Smith, Salma El WardanyFeb 3, 2021After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
